Treasury repurchase announcements combined with President Trump's push for the Clarity Act flipped sentiment overnight. Shorts that seemed safe on August 18 became death traps by August 21.
Institutional capital poured in during the rally. Bitcoin ETF inflows hit $517M in a single day—the strongest daily demand in three months—removing sell-side liquidity and accelerating the move higher.
Ethereum pulled in $189M in ETF inflows the same day. XRP gained 19.6%, Solana 5-10%, and the broader crypto market cap jumped from $2.0T to $2.12T between August 17-23.
The Jackson Hole Fed meeting is coming, and if Powell hints at rate cuts, crypto could push higher. But watch for profit-taking near $77K-$80K—shorts are freshly liquidated, so new resistance could form there.
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